If you are considering buying or selling land in North Carolina please see my page dedicated to North Carolina Land Sales. I am one of the largest land agents in the state.
Will banks finance land?
Buyers and especially sellers should take note that banks will not finance land sales. Also, having good credit has nothing to do with being able to get financing to buy land. Here’s why:
Traditionally, when people get into a bind and have to chose what they will and will not pay, one of the first things people do not pay is their raw land loan. Raw land properties foreclose much more often than a traditional mortgage. Banks have done the math. Loans are a product, and raw land loans are a product that banks no longer offer.
Also, land takes longer to sell. As of September 2016, a house takes around 84 days to sell, a piece of land takes around 500 days to sell.
That said, check out this article on owner financed land sales.
